A Fermanagh-based building products firm which was once part of the Sean Quinn empire has been acquired by a Turkish conglomerate for around £280 million.
Çimsa, a global building materials company operating as a subsidiary of Sabancı Holding, has agreed to pay €330 million to buy 94.7% of Mannok Holdings, formerly Quinn Industrial Holdings.
Employing more than 800 people, Mannok operates in two main business segments - building materials and packaging products - and has manufacturing facilities in the Republic and Northern Ireland, and a comprehensive sales and distribution network across the Ireland and Britain.
As part of the deal the local Mannok leadership team, including its recently-appointed chief executive Dara O’Reilly, who took over from Liam McCaffrey in July, will retain a 5.3% interest in the firm.
The takeover following expansions in Spain and the USA by Çimsa, reinforcing its commitment to becoming a leading player in the UK and Irish markets.
Çimsa says the move is part of a broader transformation strategy, which it defines as ‘From Cement to Building Materials,’ ‘From Local to Global’, and From Grey to Green’.
Mannok, a company with over 50 years of experience and a strong presence in the UK and Irish markets, will enhance Çimsa’s product portfolio, diversify its production geography, and strengthen its local and global supply chains.
Çimsa chief executive Umut Zenar said: “We believe this agreement marks the beginning of a new era for Mannok. We are committed to preserving the existing workforce and creating new employment opportunities in the region to support its further growth under the current strong local leadership team.
“As a company that places talent management at the core of our human resources philosophy, we will implement comprehensive talent development programmes for Mannok’s employees.
“This acquisition opens up a new world for them, integrating them into the Sabancı ecosystem, where they will gain new skills and become part of a broader network.
“Together, we aim to create a brand recognised in the region for its rapid growth, customer-focused solutions, and leadership in innovation, sustainability, and digitalisation.”
Burak Orhun, president of Sabancı Holding’s material technologies group, said: “The acquisition of Mannok, once finalised, will be perfectly aligned with our transformation strategy. It allows us to expand our footprint in the UK and Irish markets, which are critical for our growth.
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“By incorporating Mannok’s advanced product lines, we can offer more diversified and value-added solutions to our customers. This acquisition also supports our goal of transitioning our portfolio from grey to green, in line with our commitment to sustainability.”
Alongside cement, concrete, quarry and aggregate products, Mannok makes packaging products for the food industry.
In May this year the cross-border manufacturing group reported a turnover of €311.9 million (£367m) for the year ending December 31 2023, which was 1.8% down on its 2022 performance.
The original company was founded in Derrylin in 1973 by Sean Quinn.
But he and his family lost control of the business in 2014, and it was subsequently bought by local businessmen, backed by US investment firms.
